On 27th January 2020, the Association of Banks in Cambodia (ABC) had been invited to participate in the public forum on “Macro Economics and Budget law 2021”, which was hosted by the Ministry of Economy and Finance at Sofitel Phnom Penh Pokitra. The event was presided over by H.E Vongsey Visoth, Minister attached to the Prime Minister and Under Secretary of State of the Ministry of Economy and Finance.
The International monetary Fund (IMF) has estimated that Cambodia´s economy will be impacted by Covid-19 till 2023. With regards to this report, Dr. In Channy, Chairman of the ABC, requested to the MOEF for relaxations for Banks and financial institutions on the existing conditions, which will be meeting the deadline very soon, to enable the Banks and Financial Institutions to support their customers in this hard-time such as:
- Extending the Loan Restructuring over the existing deadline which set out in the letter of the NBC No. B7-020-1748, dated on 18th November 2020.
- Continue the implement the Prakas of NBC No. B7-020-230, dated on 18th March 2020 on “Reserve Requirement on Deposits and Borrowing of Bank and Financial Institutions” until the current situation improves.
- Continue to implement the relaxation on Withholding Tax on interest rates for residents and non-residents, which was set out in letter No. 12922 by GDT, dated on 26th May 2020
- Continue to implement the relaxations on the conditions mentioned in the letter of NBC No. B7-020-622, dated on 13th April 2020